Levy of Service Charges for Electronic Payment Products and Outstation Cheque Collection

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....evy of Service Charges for Electronic Payment Products and Outstation Cheque Collection <br>News and Press Release<br>Dated:- 10-10-2008<br><BR>With immediate effect, the framework of charges to be levied by banks for offering various electronic products and for outstation cheque collection service shall be as under : - 1. Electronic products a) Inward RTGS / NEFT / ECS transactions - free, no ....

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....charge to be levied. b) Outward transactions - (i) RTGS - Rs. 1 to 5 lakh - not exceeding Rs. 25 per transaction - Rs. 5 lakh and above - not exceeding Rs. 50 per transaction (ii) NEFT - Up to Rs. 1 lakh - not exceeding Rs. 5 per transaction - Rs.1 lakh and above - not exceeding Rs. 25 per transaction c) Banks may prescribe charges not higher than cheque return charges for ECS debit return....

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....s. d) These charges shall be applicable for all types of transactions, including inter-bank funds transfers. 2. Outstation cheque collection a) - Up to Rs. 10,000 - not exceeding Rs. 50 per instrument - Rs. 10,000 to Rs. 1,00,000 - not exceeding Rs. 100 per instrument - Rs.1,00,001 and above - not exceeding Rs. 150 per instrument b) The above charges will be all inclusive. No additional char....

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....ges such as courier charges, out of pocket expenses, etc., should be levied from the customers. c) To reduce the clearing cycle and to promote electronic modes of payment, the drawee banks should use electronic modes like RTGS / NEFT, wherever available, to remit proceeds to the collecting bank branch. d) Banks may make increased use of Speed Clearing and National Clearing facilities for provid....

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....ing efficient service. 3. The above charges are applicable only to transactions originated and payable within India. 4. The provisions of this circular shall not be applicable to cash handling charges levied by banks for handling large value cash transactions. 5. No bank should refuse to offer the products to its customers or decline to accept outstation cheques deposited by its customers for ....

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....collection. 6. These Directions are issued by the Reserve Bank of India, in exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), without prejudice to permissions / approvals, if any, required under any other law.<BR> News - Press release - PIB....